Business Secretary Kwasi Kwarteng triggered a further review of a proposed China-linked takeover of a UK-based graphene firm, stepping in on national security grounds.
He has written to the Competition and Markets Authority (CMA), instructing them to carry out an in-depth Phase 2 investigation of the planned acquisition of Perpetuus Group, with buyers including Shanghai Kington Technologies and a Chinese academic.
Kwarteng said: “The UK remains firmly open for business, however we have been clear that foreign investment must not threaten our national security. I have considered the evidence presented to me and asked the CMA to undertake an in-depth investigation so we can fully consider the implications of this transaction.”
h/t Truth Geeza